Aurum PropTech has entered into a binding agreement with REA India to acquire a 100% stake in PropTiger, a digital real estate advisory firm, through an all-stock, strategic equity swap.
As part of the transaction, REA India will become a 5.5% equity shareholder in Aurum PropTech by receiving 4.24 million equity shares through a preferential allotment. The cost of acquisition is ₹86.45 crore.
REA India will transfer control of PropTiger’s business, including its technology, teams, client relationships and intellectual property to Aurum.
Aurum has appointed Prakash Tejwani as the Chief Executive Officer and will elevate Sridhar Srinivasan as the Chief Business Officer at PropTiger over the next 12 to 18 months.
Aurum is an Indian-listed proptech company with a portfolio of businesses servicing the entire real estate journey. It supports consumers through its rental brands HelloWorld and NestAway, while its data, marketing and sales automation brands, Aurum Analytica and Sell.Do, streamline operations and create efficiencies for property professionals.
Ashish Deora, Founder & CEO, Aurum Ventures, said, “Our conviction in this acquisition stems from a shared vision with REA India to digitize the consumer’s real estate journey. This reinforces Aurum’s dominance across the total addressable market (TAM) for residential real estate distribution in India, estimated at INR 38,000 crores in annual expenditure across lead generation, sales automation and transaction management.”
Praveen Sharma, Chief Executive Officer, REA India said, “This agreement is a decisive step in further sharpening our focus on Housing.com and its leading digital experiences while unlocking greater potential for PropTiger by aligning it with Aurum. Housing.com has achieved strong brand recognition and significant audience growth with our app-prime consumer experiences delivering strong results. We are excited to double down in this space and continue supporting the next generation of Indian home seekers with seamless property experiences.”
Dhruv Agarwala, Outgoing Chief Executive Officer of PropTiger, said, “We believe this alignment sets the stage for long term growth. Aurum is the right partner for PropTiger and I’m confident it will thrive under their stewardship.”
